Question: Use PMT =[1(1+nr)nt]P(nr) to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical

Use PMT =[1(1+nr)nt]P(nr) to determine the regular payment amount, rounded to

Use PMT =[1(1+nr)nt]P(nr) to determine the regular payment amount, rounded to the nearest dollar. In terms of paying less in interest, which is more economical for a $190,000 mortgage: a 30 -year fixed-rate at 9% or a 20 -year fixed-rate at 8.5% ? How much is saved in interest? Determine which loan is more economical. Choose the correct answer below. The 30 -year 9% loan is more economical. The 20 -year 8.5% loan is more economical. The buyer will save approximately $ in interest. (Do not round until the final answer. Then round to the nearest thousand dollars.)

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